Market Overview

Stellar Lumens Breaks Above Ichimoku: Can Ripple Be Beaten?

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Stellar Lumens (XLM) was the among the only winners in top 10 major cryptocurrencies on Wednesday with its 5.9 percent gain. It outperformed Cardano (ADA) by almost 3 percent, while Ripple’s (XRP) didn’t quite impress the market participants with its 0.36 percent gain. How do the two cryptocurrencies compare?

Comparing Stellar And Ripple On The Charts

XLM’s gains on Wednesday is particularly noteworthy from a technical point of view. Looking at XLM’s price action versus the USD on the daily chart, you’d notice that it broke above the daily Ichimoku cloud for the first time since July 2018. Wednesday’s gains also tested a key pivot and 23 percent Fibonacci retracement level of 0.2456. The combination may have opened doors for further gains to key resistance levels of 0.2878 and 0.3202.

XLM/USD Ichimoku Analysis: Stellar Lumens Vs. U.S. Dollar

Meanwhile, Ripple’s price is already above the daily Ichimoku cloud, and the door for further gains already opened on September 20 when XRP started a new uptrend.

Ripple’s XRP is now supported by the Ichimoku cloud, and even though it began to pull back on Tuesday, it still hasn’t shown signs of a bearish reversal.

XRP Ichimoku Analysis

On the fundamental side, some crypto enthusiasts have started to wonder if Stellar is prepping to go head-to-head with one of its main competitors, Ripple. Both Stellar and Ripple are focused on providing the same blockchain-driven solutions, which is to provide a fast, safe, and cheap global transaction. However, beating a company like Ripple who has over 120 financial partners is no easy task.

Related Links:

Ripple Price Analysis: The Bull Among The Bears Adds 2% On A Daily Basis

Ripple Price Analysis: XRP/USD Moved Into Striking Range

The preceding article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.

Posted-In: contributor contributors XLM XRPCryptocurrency Technicals Markets Trading Ideas

 

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